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hours before we plunge off the fiscal cliff. with no plan and no apparent hope. but here we are and we have got to do something. if we're as determined to go over the cliff as we seem, we've got to do something to soften the landing because at the bottom of the fiscal cliff, our our -- are immediate and massive tax increases, deep and indiscriminate spending cuts and the risk of another recession. so as we come down on the final hours, we have two choices -- to do nothing and cause an unbelievable amount of hardship for our fellow americans or to do something to reduce the suffering inflicted on our citizens by an inflexible political system. mr. president, i choose to do something, so today i'm introducing the calm act which stands for the cliff alleviation at the last minute act. the calm act will do three important things. it will soften the financial blow of the fiscal cliff. it will calm our financial markets. it gives us the certainty of a plan now but allows us if we ever find the courage to pursue the fiscal grand bargain that has eluded us so far. make no mistake, the financia
to imagine we're a little over 24 hours away from going over the cliff, the so-called fiscal cliff that occurs at midnight on december 31, tomorrow. this cliff is self-imposed. it is a penalty that we voted for if we failed to deal with the deficit that our nation faces. and unfortunately, as of this moment we've not reached an agreement to avoid it. i haven't given up hope. conversations and negotiations continue all through this day, and i'm sure into tomorrow. and i hope by the end of the day, by the end of tomorrow night we can celebrate the end of this year and the beginning of a new year with good news for the american people. this is exactly the wrong time for us to go over this cliff. we are in the midst of an economic recovery. we are seeing new job creation. businesses are seeing new growth. we are seeing the kind of economic indicators we've been waiting for for years. this going over the cliff is going to bring uncertainty to our markets, and with that uncertainty a pull back of consumer confidence and a reduction, i'm afraid, of business activity and the creation of ne
the fiscal cliff. think about what that says. think about that that says about this process, about the united states senate, 100 people elected to make big decisions to rainadvance the interests and pt this country on a better path, toward a better future that is more secure, more safe and more prosperous for our children and grand chi -- and grandchildren. that's what should have happened. but it should have happened months ago. so i hope we get a result here today that addresses some of these issues, certainly something that will address the tax issue. but, mr. president, that doesn't solve the problem. if the president gets everything he wants in new taxes, it funds the government for less than a week. this is not a revenue problem. washington doesn't tax too little. it spends too much. until we recognize that and deal with what is driving federal spending, we are going to continue to saddle future generations with more debt, with more liabilities, with a lower standard of living and a lower quality of life than we've experienced and that is not fair to emthis. it's time for us to demonstr
to deal with the fiscal cliff issue. we need leadership. we need the president's leadership. we need leadership by republicans and democrats. we need the house and senate. and while i say i'm willing to -- to -- that i want an agreement, i would also say that i'm willing to appreciate the fact that i will not get everything that i might want in an agreement. but the consequences of our failure seem to me to be so significant that we ought to find common ground. i understand we might reach an agreement that deals with a portion of the so-called fiscal cliff and i want to point out that we're only really talking these days about the tax consequences of the fiscal cli cliff. i don't know exactly how fiscal cliff came into existence, that phrase. i don't know where those words came from. i don't know exactly what they mean. i think they probably mean different things to different people. but it seems to me that the fiscal cliff that we face is based upon sequestration, this plan that was put in place by the budget control act that would reduce spending by $1.2 trillion, both defense and
Search Results 0 to 3 of about 4